Board Structure and Price Informativeness

We develop and test the hypothesis that private information incorporated into stock prices affects the structure of corporate boards. Stock price informativeness may be a complement to board monitoring, because the information revealed by prices can be used by directors to monitor management. But price informativeness may also be a substitute for board monitoring, because more informative prices can trigger external monitoring mechanisms, such as takeovers. We find robust evidence for the substitution effect: Stock price informativeness, as measured by the probability of informed trading (PIN), is negatively related to board independence. Consistent with the model's predictions, this relationship is particularly strong for firms exposed to external governance mechanisms and internal governance mechanisms, and firms for which firm-specific knowledge is relatively unimportant. We address endogeneity concerns in a number of different ways and conclude that our results are unlikely to be driven by omitted variables or reverse causality. The results are also robust to using different measures of price informativeness and different proxies for board monitoringCorporate boards, Independent directors, Price informativeness

Wojna i pokój. Konflikt społeczno-polityczny a sztuka ulicy

This essay’s main concern is urban art and postcolonial identitary configurations in Portugal. Focusing on several artistic and cultural productions arising from the “peripheral” spaces of Cova da Moura and Quinta do Mocho in Lisbon (two spaces which are marked by the presence of populations of African origin), it examines how urban creativity is challenging straightforward and unproblematic understanding of the country’s relation with its colonial past. Associated with violence and marginality in the Portuguese imagination, both racialized neighborhoods are nowadays active contexts of cultural production and are particularly fertile in terms of urban art and music. Nowadays, they are integrated into the cultural circuits of Lisbon, a city that has become a top international cultural and touristic referent. This article’s central objective is analysis of the contradictions brought about by this process.info:eu-repo/semantics/publishedVersio

Análisis de ácidos grasos mediante GC-C-IRMS como herramienta para discernir la dieta del Cerdo Ibérico empleado en la producción de artículos de alto valor añadido

Taste, quality and perceived health benefits result in a high demand for both green and mature pork products derived from the Iberian bred swine. These characteristics are directly related to diet and breeding style (free ranging in a particular Mediterranean ecosystem: the Dehesa). Given that current demand is not matched by the available resources, animal feed is increasingly used. GC-C-IRMS analysis of Palmitic, Stearic, Oleic and Linoleic Acid methyl esters allows for differentiating between pork raised in the traditional way and that fattened on animal feed. Although a value of δ13CC18:1 = –25.9‰ is a good discriminator, exploratory analysis of principal canonical components is required to properly assign any unknown sample.El sabor, la calidad y los efectos saludables de los derivados del cerdo ibérico dan lugar a una elevada demanda de los mismos, tanto en fresco como curados. Las características mencionadas responden a una dieta y crianza específicas (libres en la Dehesa, alimentándose de lo que ésta produce). Frecuentemente, los recursos disponibles son insuficientes para cubrir la demanda, dando en ocasiones lugar a la alimentación artificial de algunos de los cerdos. El análisis de las relaciones isotópicas 13C/12C de los ácidos grasos Palmítico, Esteárico, Oleico y Linoleico mediante GC-C-IRMS permite diferenciar entre animales criados al estilo tradicional (acabados en montanera) y aquellos alimentados con piensos. El valor de δ13CC18:1 = –25.9‰ es un buen indicador, pero la correcta asignación de una muestra dada requiere el empleo de los cuatro ácidos grasos indicados y su tratamiento estadístico mediante análisis de componentes principales

Bottom-up creativity and insurgent citizenship in “Afro Lisboa”: Racial difference and cultural commodification in Portugal

This article analyzes recent audio-visual creativity by young Afrodescendants emerging out of the outskirts of Lisbon. We argue that those cultural productions are challenging unproblematic identifications of the Portuguese capital as a multicultural city shaped by African communities. Responding to issues of racism, police violence, and urban marginalization, but also to celebratory views of Portuguese society as exempt of racial discrimination, the communities inhabiting the neighborhoods of Cova da Moura and Quinta do Mocho are employing creative means to develop a positive identification of afro-diasporic communities. Engaging those means, this article places bottom-up creativity side by side to the activity of Lisbon cultural institutions such as museums and contemporary art centers. It also addresses the relevance of visual and musical creativity to counter the stereotypes and images frequently used to categorize racialized subjects and communities in Portugal. Finally, it explores the strategies employed by the residents of the above mentioned neighborhoods to struggle against the process of cultural gentrification Lisbon is going through.info:eu-repo/semantics/acceptedVersio

CEO compensation, change, and corporate strategy

CEO compensation can influence the kinds of strategies that firms adopt. We argue that performance-related compensation creates an incentive to look for overly ambitious, hard to implement strategies. At a cost, shareholders can curb this tendency by precommitting to a regime of CEO overcompensation in highly changeable environments. Alternatively shareholders can commit to low CEO pay, although this requires a commitment mechanism (either by the board of the individual company, or by the society as a whole) to counter the incentive to renegotiate upwards. We study the conditions under which the different policies for CEO compensation are preferred by shareholders.info:eu-repo/semantics/publishedVersio

Quantum oscillator and Kepler-Coulomb problems in curved spaces: deformed shape invariance, point canonical transformations, and rational extensions

The quantum oscillator and Kepler-Coulomb problems in $d$-dimensional spaces with constant curvature are analyzed from several viewpoints. In a deformed supersymmetric framework, the corresponding nonlinear potentials are shown to exhibit a deformed shape invariance property. By using the point canonical transformation method, the two deformed Schr\"odinger equations are mapped onto conventional ones corresponding to some shape-invariant potentials, whose rational extensions are well known. The inverse point canonical transformations then provide some rational extensions of the oscillator and Kepler-Coulomb potentials in curved space. The oscillator on the sphere and the Kepler-Coulomb potential in a hyperbolic space are studied in detail and their extensions are proved to be consistent with already known ones in Euclidean space. The partnership between nonextended and extended potentials is interpreted in a deformed supersymmetric framework. Those extended potentials that are isospectral to some nonextended ones are shown to display deformed shape invariance, which in the Kepler-Coulomb case is enlarged by also translating the degree of the polynomial arising in the rational part denominator.Comment: 32 pages, no figure; published versio

Signalling with dividends? : The signalling effects of dividend change announcements: new evidence from Europe

The dividend policy is one of the most debated topics in the finance literature. One of the different lines of research on this issue is based on the information content of dividends, which has motivated a significant amount of theoretical and empirical research. According to the dividend signalling hypothesis, dividend change announcements trigger share returns because they convey information about management’s assessment on firms’ future prospects. We start by analysing the classical assumptions of dividend signalling hypothesis. The evidence gives no support for a positive relation between dividend change announcements and the market reaction for French firms, and only a weak support for the Portuguese and the UK firms. After accounting for non-linearity in the mean reversion process, the global results do not give support to the assumption that dividend change announcements are positively related with future earnings changes. Afterwards, we formulate two hypotheses in order to explore the window dressing phenomenon and the maturity hypothesis, finding some evidence, especially in the UK market, for both of the phenomenon.info:eu-repo/semantics/publishedVersio

Signalling with dividends? new evidence from Europe

According to the dividend signalling hypothesis, dividend change announcements trigger share returns because they convey information about management’s assessment on firms’ future prospects. We analyse the classical assumptions of the dividend signalling hypothesis, using data from three European countries. The evidence gives no support to a positive relation between dividend change announcements and the market reaction for French firms, and only weak support for the Portuguese and UK firms. After accounting for non-linearity in the mean reversion process, the global results do not give support to the assumption that dividend change announcements are positively related with future earnings changes. We also formulate two hypotheses in order to explore the window dressing phenomenon and the maturity hypothesis, finding some evidence in favour of both, especially in the UK market

Magnetism and Electronic Correlations in Quasi-One-Dimensional Compounds

In this contribution on the celebration of the 80th birthday anniversary of Prof. Ricardo Ferreira, we present a brief survey on the magnetism of quasi-one-dimensional compounds. This has been a research area of intense activity particularly since the first experimental announcements of magnetism in organic and organometallic polymers in the mid 80s. We review experimental and theoretical achievements on the field, featuring chain systems of correlated electrons in a special AB2 unit cell structure present in inorganic and organic compounds